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Before you believe Dimon’s claims that Bitcoin is a fraud just remember what he tried to build in 2013

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Bitcoin is a fraud

JP Morgan boss Jamie Dimon has ruffled a lot of feathers this week. Mr Dimon claimed that Bitcoin is a fraud that will ultimately blow up. There is just one little problem with Mr Dimon’s assertion. To find out why we need to go on a trip to the long pastimes of 2013, where Mr Dimon and JP Morgan attempted to set up their own Bitcoin rival.

The concerns raised by Mr Dimon certainly raise some questions about his own motives

Mr Dimon’s concerns are strange considering that in 2013 JPMorgan attempted to file a patent for a currency that strongly resembled Bitcoin. After all, he believes that cryptocurrencies are only viable if you are “in Venezuela or Ecuador or North Korea or a bunch of parts like that” or are a drug dealer, a murderer, stuff like that”. It seems very odd for an upstanding financial institution like JP Morgan to want to corner the Venezuelan drug dealer market. If Bitcoin is a fraud, then surely his own idea was no better?

To be fair to Mr Dimon and JP Morgan they weren’t entirely copying Bitcoin. They simply wanted to make a system where users could make anonymous online transactions without a fee using ‘virtual cash’ that would sit in an ‘online wallet. So nothing like Bitcoin or any other  cryptocurrency at all.

It is in Mr Dimon’s interests for Bitcoin and other cryptocurrencies to fail. They risk undermining the ability of financial institutions to retain customers and make money. Especially if currencies they have no control over come to dominate the market, forcing big banks to compete on a relatively equal playing field.

Despite his motives Mr Dimon does have some legitimate concerns

Mr Dimon’s comments come on the back of a major crash in the cryptocurrency market. At time of writing Bitcoin has slipped below the $4000 mark and at time of writing sits at $3,483. This crash was largely on the back of China’s concerns about Initial Coin Offerings.

There are many aspects of the cryptocurrency market that could pose problems for the market in the future. They key problem will be lack of regulation over how currencies operate. If Bitcoin and other cryptocurrencies are ever going to get a real mainstream appeal they will need to be accepted by Governments. This will mean regulation. The problem for the currencies is that even the hint of regulation can spark mass selloffs.

There are also concerns over investor protection and security. Ethereum was forced to fork due to potential vulnerabilities and Korean hackers are currently targeting Bitcoin exchanges. If there are security breaches then users are at risk of losing their entire investment with little or no recourse to recover any of their funds.

Many of these weaknesses can and are being dealt with over time. It should also be remembered that cryptocurrencies are still fairly new technology. There will be a number of experiments, some of which will do well and some of which will fail.

No matter how much Mr Dimon claims that Bitcoin is a fraud it is not so different from any other form of investment at the end of the day. If you don’t invest more than you are able or content to lose then you will not face any problems.

 

You'll find me wandering around the Science sections mostly, excitedly waving my arms around while jumping up and down about the latest science and tech news. I am also occasionally found in the gaming section, trying to convince everyone else that linux is the future of the computer gaming.

Astronomy

The PS5 next-gen update for Fallout 4 is now available to be accessed by PS Plus subscribers

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Recently, we reported on the confusion that ardent Fallout fans were having playing the original PS5 version of Fallout 4, which was a result of Amazon’s outstanding adaptation. Individuals who have access to either PS Plus Extra or Premium are now able to upgrade at no cost, as a minor update was released during the weekend.

PSLS has observed that the problem has been resolved, as players are now able to access the next-generation version of the game. Both physical and digital purchasers are eligible for the upgrade, although physical owners will require their discs for the process.

Regrettably, only individuals who obtained Fallout 4 through the now-discontinued PS Plus Collection will be eligible for the upgrade. This decision is consistent with Sony’s current policies, which makes it less unexpected. It is likely that much of the confusion arose because players may have forgotten the precise origin of their digital copy of Fallout 4.

Can you confirm that you can get the PS5 version of Fallout 4 through PS Plus? Talk about how to handle the tricky world of digital rights ownership in the comments section below.

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Space Exploration

What occurs during a nuclear blast? Discover additional information in the latest edition of CURIOUS, which is currently available

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Issue 22 (May 2024) of CURIOUS is now available, offering science highlights for the month along with in-depth explorations of fascinating subjects, interviews, exclusive content, important dates to remember, and insights into some of Earth’s most puzzling natural phenomena and landscapes.

Inside this edition…

OUR FEATURE STORY: Exploring the Effects of a Nuclear Blast

Modern nuclear weapons far surpass the destructive capabilities of their World War II counterparts. Have you ever wondered about the catastrophic aftermath that would ensue if these weapons were detonated?

Exploring the Science: “Brain Food”: Is There Any Substance to It?

Is it possible to enhance brain function through dietary choices? And if so, how can it be done?

We have questions: Is the biggest wild goose poisonous?

Discoveries from a humorous podcast.

WHERE ON EARTH: Raja Ampat: “The Ultimate Paradise”

Raja Ampat, located in the Indonesian archipelago, boasts a plethora of captivating natural marvels. Here, you can encounter fascinating creatures like walking sharks and unique “goth” rays, as well as discover the beauty of rare and vibrant orchids.

Exclusive: Get to know author Professor Chris French and enjoy an excerpt from his latest book, The Science of Strange Phenomena.

Also included are the latest news, upcoming events, recommendations for movies, TV shows, and books to check out this month, and plenty of other exciting content.

 

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Space Exploration

NASA has successfully deployed a new solar sail technology in space, with an 80-square-meter sail unfurling

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Propulsion is consistently a significant aspect of space missions. When traveling to space, it is crucial to minimize weight, which means that having fuel with a higher energy density is advantageous. Additionally, it is typically not possible to replenish your fuel supply once you are in that location. A viable alternative, devoid of this issue, is employing a solar sail.

It is possible to easily propel a spacecraft by using the radiation pressure that sunlight exerts. Although this has been proven on multiple occasions, the technology still faces obstacles that need to be addressed. NASA is currently conducting tests on a new design called the Advanced Composite Solar Sail System. It was recently placed in orbit following its launch on a Rocket Lab mission.

In order to achieve maximum effectiveness, it is essential that the sails and booms that are put into use are as lightweight as feasible. NASA has created novel composite materials for a recent experiment that are not only lighter but also more rigid than previous methods used for solar sails.

“Historically, booms have been constructed either from heavy metal materials or from lightweight composites with a bulky structure, both of which are not suitable for modern small spacecraft.” “Solar sails require booms that are both large and stable, as well as lightweight and capable of folding down into a compact form,” stated Keats Wilkie, the principal investigator of the mission at NASA’s Langley Research Center.

The booms of this sail are cylindrical in shape and can be compressed into a flat form and rolled up similar to a tape measure, allowing for easy storage in a compact size. Despite their collapsible nature, these booms still possess the benefits associated with composite materials, such as reduced bending and flexing when exposed to temperature variations.

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When the sails are fully out, they cover an area of 80 square meters, which is about 860 square feet, or about six parking spots. But they pack really small and can move around a CubeSat the size of an air fryer. They will move in a circle around the sun that is about 1,000 kilometers (600 miles) above Earth’s surface.

Ames Research Center lead systems engineer Alan Rhodes said, “Seven meters of the deployable booms can roll up into a shape that fits in your hand.” Rhodes works at NASA’s Ames Research Center in Silicon Valley, California. “We hope that the new technologies that were tested on this spacecraft will lead other people to use them in ways that we haven’t even thought of.”

With this technology, spacecraft could move around Earth, the Moon, and the inner solar system. If the sun shines on the sail at just the right angle, it might be possible to see this test from the ground.

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